The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-11-16
THE CAPITAL CITY'S PLANS
1t Is Procuring Leases on Gas Lands
and Preparing to Lay Pipes.
Mr. Pogue's Deal with the Broad Ripple Com
pany Falls Through-The Trust Com
pany Subscriptions Reach $43S, $50.

Company said last evening" Don't believe any
thing you hear about selling out We are
in q position to turn our wells to some account
by piping and propose to do it, We have re-
ceived offers. and have made none to dispose
of our property" 1t appears that this corpora
ton is thoroughly satisfied with the outlook be-
fore it, and regards its present supply as next
In Importance to that of the indianapolis
company. The same director thinks
that the eight wells the Capital City
will have by Saturday week will
furnish %. 900, 900 feet of gas. We have spent
$4,000 in prospecting" LIE continued. ours
has not been in extravsgant outlay On the
contrary, every dollar was carefully considered,
and after the third well came in with only
fairly good flow it took hard work to get
money. But several of tho stockholders stood
by the venture. and the reward is about to
come. Little by little we have been going in
the direction of Hamilton county. and
as result our wells have been COM
ing better and better. The johnson we'll
that was completed few DAYS ago is a mile and
half from the line. just across it in Hamilton
we are drilling another that will be in Saturday,
and some distance northeast OF that we have
two more that ought to be completed Saturday
week. The company has just closed leases
for 1000 acres In Hamilton county They
lie along Fall Creek and to develop
that territory have the confidence,
pluck aId Arrangements being
made for pipe, and within two weeks work will
begin along the line The right of way has
been secured down Pendleton pike The com
pany had that months ago. If we can get into
the city with 20 600 900 % 100000 feet We will
find market that will enable US to increase
from time to time our operations in drilling new
wells"
do you have any difficulty in procuring
leasesp the reporter asked. -ts
I'VE know great deal more about natural
gas than when we began see now where
AL. have kcnv val ht,f xuo
have the experience and that is worth much.
Farmers not giving away their lands, that is
certain; While we have been learn earn
At first $50 we'll couid tempt them, but
now they want $3.50 or $500, with privileges in
Vulnerable Yes. man can lease all the lands he
wants for natural gas purposes, but in some in
stances if he should make deal it would be
virtually expending the greater part of the cap
ital stock in gas territory.
"What are your views is regard to the ordi-
nance?"
1.-THE prices are satisfactory, but we will con-
sent to few amendments. such as having the
tax reservation stricken out, a change in the
paragraph relating to meters and matters or
that kind. We accepted the ordinance in order
to save ourselves relative to the position we
nave always held to prices 1t was not known
what the Council would do, but to keep
the schedule from being increased we
put ourselves recurd in accepting the ordi-
nance provisions. That acceptance compels us
to begin piping sooner than we contemplated.
although if l had had my way about the mat
ter the capital City WOulQ nave long since Oeen
furnishing Brightwood with gas. The returns
from gas consumers in that town would have
given abundant means to develop the terri
tory in which we now The company, how
ever, does not wish to make stir. Its plans
are to say little and to do more"
The Poeue deal with the Broad Ripple COM
pany is off. Yesterday that gentleman went to
the directors and said that he began negotiations
good faith and expected to have the agree
ment fulfilled. II am not in the habit" he con-
tinued. 'of settling the terms of a bargain
and then backing out. l do not wish to have
any further trouble nor do [ intend to go into
the courts. can maintain my rights TO your
properties under this agreement, but
/ convinced it is not worth my while. Cen
tlemen, here is the agreement With that re-
mark be gave it to the directors and shortly
Posue being thoroughly Disguised with this con-
clusion of negotiations which were promising in
the outset He left the city yesterday after
noon, but before ne did he told friend or
two that he was through with natural gas trades
in Indianapolis. It is iutimated that the Broad
Ripple directors wished to have him as one of
their number, provided he would not insist
taking a controlling interest
The directors of the Consumers Trust had last
night S43S, $50 of the capital stock subscribed
During the day So 500 or So. 900 reported by
some of the tagging ward canvassers. Several
subscribers doubled their stock and
came in through the special canvassers to make
up total of $4,000 procured since Monday
night. This showing, with what there is in
sight, assures the directors that they will have
the stock all taken by tomorrow night. An
ira effort is to Se made to-day and tomorrow to
secure the balance through the special canvass
ers. 1t is understood that when $3.50. 900 is sub
scribed, several large subscriptions i'll come in
to make up the $500 OO0